The Social Security Administration recently launched an online Retirement Estimator. This tool will allow you to view your projected Social Security payment at retirement. To use the tool, go to www.socialsecurity.gov/estimator. You will need to enter your name, birth date, social security number, state of birth, and your mother’s maiden name. The system will then calculate your benefit based on your current earnings, using the assumption that you have the same level of earnings until your retirement.

Your benefit will be calculated at various retirement dates. About half of us take our benefits at age 62, but it may be worthwhile for you to hold off depending on your personal situation. Every year you delay between the ages of 62 and 65, your benefits increase about 5 or 6 percent. After age 66 your benefit increases 8 percent every year. It’s another piece of the retirement puzzle that you need to put together, along with your Pension and Annuity Fund benefits. If you have any questions regarding those benefits, please contact us at the Fund Office.